Singapore International Commercial Court finds Quoine Exchange liable for reversing seven Bitcoin trades


  • Quoine had originally reversed seven of B2C2’s trade on April 2017 after discovering an abnormality.
  • The Singapore International Commercial Court (SICC) found Quoine liable after B2C2 sued them for the reversal.

Quoine Exchange was found liable by the Singapore International Commercial Court (SICC) for reversing seven trades, worth 3.092 Bitcoins, made by crypto market maker B2C2 two years ago. According to SICC, B2C2 sold ether (ETH) at an exchange rate of 10 BTC per token on April 19, 2017.  This was approximately 250 times higher than the market rate of about 0.04 BTC to 1 ETH at the time of the trade. Quoine discovered this abnormality the next day and reversed the trade.

In August 2017, B2C2 sued Quoine, aiming to recover the 3,092 BTC from the exchange. According to B2C2, Quoine “had no contractual right unilaterally to cancel the trades once the orders had been effected.” The court sided with B2C2 in the ruling but said Quoine didn’t need to transfer back the 3,092 BTC as 1 BTC was worth around $1,300 during the time of the original trade and is presently priced at around $3,900. The court said, “Instead, the plaintiff’s [B2C2] remedy lay only in damages which, if not agreed, will be assessed at a subsequent hearing.” 

Quoine said that they were disappointed with the ruling. CEO Mike Kayamori said: "We are reviewing the judgement and considering our options, including the possibility of an appeal."
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

More Bitcoin News

Maker Price Analysis: MKR whales could be getting ready to dump again at $470

Maker has been one of the most affected coins after the last crypto crash, losing around 50% of its value in practically one month. MKR is currently ranked 37th with a market capitalization of $500 million.

More Cryptocurrencies News

Kyber Network Price Prediction: KNC could be on the verge of a 50% correction

Kyber Network was trading as high as $2.04 on August 14 but plummeted to $1.04 just 22 days later, a 48% loss that clearly shows bears are in full control in the short and mid-terms.

More Cryptocurrencies News

Aave Price Analysis: LEND bulls will have to fight for $0.65 to regain control

Aave's LEND is the 29th-largest digital asset with the current market capitalization of $751 million and an average daily trading volume of $167 million. The token is most actively traded on Binance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP